Business
EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2024 FOURTH QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND
BERRYVILLE, Va., Jan. 24, 2025 /PRNewswire/ -- Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke, whose divisions include
About this update from Eagle Financial Services Inc
[{"type":"text","content":"BERRYVILLE, Va., Jan. 24, 2025 /PRNewswire/ -- Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke, whose divisions include Bank of Clarke Wealth Management, announced its fourth quarter 2024 results. On January 22, 2025, the Board of Directors announced a quarterly common stock cash dividend of $0.31 per common share, payable on February 14, 2025, to shareholders of record on February 3, 2025. Net income was $6.2 million for the fourth quarter of 2024 compared to $3.4 million for the third quarter of 2024. The following table presents selected financial performance highlights for the periods indicated:\n\n \n \n \n \n \n \n\n \nThree Months Ended\nDecember 31,\nSeptember 30,\nDecember 31,\n2024\n2024\n2023\n(in thousands)\nAs adjusted (1)\nConsolidated net income\n$\n6,186\n$\n3,125\n$\n3,424\n$\n2,395\nEarnings per share - basic and diluted\n$\n1.74\n$\n0.86\n$\n0.97\n$\n0.68\nAnnualized return on average equity\n21.10\n%\n10.66\n%\n11.99\n%\n9.33\n%\nAnnualized return on average assets\n1.32\n%\n0.67\n%\n0.75\n%\n0.53\n%\nNet interest margin\n3.03\n%\n3.03\n%\n3.03\n%\n2.85\n%\n(1)\nNon-GAAP financial measure - Excluding the tax effected impact of the gain on sale of the Old Town Center (\"OTC\") building as a result of the executed sale-leaseback transaction.\nBrandon Lorey, President and CEO, stated, \"The Bank of Clarke reported another strong quarter of core earnings for Eagle Financial Services, Inc. (\"EFSI\") to conclude the year. The team effectively executed on each of our strategic initiatives resulting in a higher net interest margin (NIM), increased deposits, core net loan growth, reduced borrowings, growth in core non-interest income and return on assets (ROA). Additionally, we successfully completed the sale of the Old Town Center building in Winchester, thus unlocking capital for continued expansion. These efforts have further stabilized EFSI's ability to deliver continued value to our shareholders. I would like to extend my personal gratitude to our exceptional staff, whose dedication ensures that our customers remain the focal point of our endeavors, as we continue to serve our clients and communities.\"\nKey highlights for the fourth quarter of 2024 are as follows:\nDeposit growth of $29.2 million or 1.9% during the quarter.Borrowings decreased by $50.0 million during the qua...